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According to the Facts and Factors, Research Report, the global Downhole Tools market in 2019 was approximately USD 3.2 billion. The market is expected to grow at a CAGR of 8% and is anticipated to reach around USD 5.6 billion by 2026.The growing drilling activities worldwide have resulted in high demand for downhole equipment globally. In the coming years, this is expected to complement the development of the world downhole tool market. The growing application of downhole tools in a wide range of industries, such as oil and gas development, well drilling and well completion, well interventions are expected to complement the global demand growth over the forecast period. One of the key factors in the growth of the market in the years to come is the rise in unconventional gas and oil resources. Costs associated with the extraction method have decreased with the advent of technological developments and operating efficiency. This has led to an increase in unorthodox resource exploration.
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Over the years, demand for natural gas has increased, leading to a growing acceptance of unconventional sources such as shale gas. Laser drilling is one of the major market developments in the global downhole tools industry and it is projected to fuel the market growth in the future. Due to ongoing discoveries in the oil and gas industry, coupled with an increasing number of mature areas, the downhole tool market is expected to reach a high level over the forecast period. Multinationals and well-established firms are also expected to compete strongly in the market.
Top Market Players:
Some of the essential players operating in the downhole tools market, but not restricted to include American Block Manufacturing Co., Antelope Oil Tool, Archer, Buckman Jet Drilling Inc, Cameron, Canary USA, DoubleBarrelDownhole Technology, Downhole Oil Tools, Inc., Drill King International, Enventure Global Technology, and others.
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The increase in shale and other resource exploration, particularly in the North American region, followed by Asia-Pacific and South & Central America, also contributed to the growth of the market. However, fluctuating oil prices may negatively affect the growth of the downhole tool market over the forecast period.
Based on the product, a drilling segment dominated the global downhole tool market in 2019, this surge in the growth of this segment is primarily owned to the rising use of downhole tools across various verticals combined with the growing demand of crude oil worldwide.
Based on the application, the well drilling segment held the majority of shares in the global downhole drilling market in 2019. This segment is anticipated to bolster in the coming years. The growth of this segment is attributable to the rising demand for water as well as crude oil worldwide.
The report study further includes an in-depth analysis of industry players' market shares and provides an overview of leading players' market position in the Downhole Tools sector. Key strategic developments in the Downhole Tools market size competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Downhole Tools market are appropriately highlighted in the report.
Due to ongoing discoveries in the oil and gas industry, coupled with an increasing number of mature areas, the downhole tool market is expected to reach a high level over the forecast period. Multinationals and well-established firms are also expected to compete strongly in the market.
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The increase in shale and other resource exploration, particularly in the North American region, followed by Asia-Pacific and South & Central America, also contributed to the growth of the market. However, fluctuating oil prices may negatively affect the growth of the downhole tool market over the forecast period.
By region, North America held substantial shares of the global downhole tool industry in 2019. This growth is primarily attributable to a large number of oil field exploration projects in the North American region. Moreover, the presence of a huge number of oilfields in the North American region is estimated to boost the market of the downhole tool market even more over the coming years.
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This report segments the Downhole Tools market as follows:
Global Downhole Tools Market: By Type Segmentation Analysis
Drilling
Handling
Flow & pressure control
Global Downhole Tools Market: By Application Segmentation Analysis
Well drilling
Well intervention
Production & well completion
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